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Indonesia has narrowed down the list of candidates to lead its new wealth fund to a handful, including Pandu Sjahrir of Indies Capital Partners Pte, according to people familiar with the matter.
The government is expected to decide this month on a chief for the fund, known as the Indonesia Investment Authority, said the people, asking not to be named because the matter is private. The 41-year-old Sjahrir, managing partner at the Indonesia-focused alternative asset manager Indies Capital, is considered a front-runner among the remaining candidates, though no final decision has beeen made, the people said.
Others on the shortlist include Arief Budiman, former finance director of energy producer PT Pertamina; Arsjad Rasjid, president director of PT Indika Energy; Tigor Siahaan, chief executive officer of PT Bank CIMB Niaga; and Rizal Gozali, president director of PT Credit Suisse Sekuritas Indonesia, said the people.
President Joko Widodo has envisioned the wealth fund as a $100 billion effort to boost the fortunes of the world’s fourth most-populous nation and counter the economic impact of the coronavirus. The investment authority will play a key role in financing big-ticket projects from infrastructure and healthcare to tourism and technology. It will solicit local and global investors to participate in sub-funds for particular projects.
The finance ministry and the candidates under consideration didn’t immediately respond to requests for comment.
The government plans to kickstart the fund early this year with $5 billion in assets and will seek about $16 billion in investments initially. Cyril Noerhadi, chairman of Creador Capital Group Indonesia, is likely to be appointed as one of the members of the fund’s supervisory board, they said.
Read more: Indonesia Said to Plan to Set $100 Billion Wealth Fund Goal
Sjahrir is a prominent investor and a well known name in Indonesia’s tech industry. After getting degrees from the University of Chicago and Stanford University Graduate School of Business, he became an early investor in local startups such as Gojek. In addition to Indies Capital, Sjahrir serves as chairman of Sea Ltd.’s operations in Indonesia and a board member of the Indonesia Stock Exchange.
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